7. In the books of Partnership Firm of Jaya and Maya
Trading A/c For the year ended 31st March, 2011
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Opening Stock
|
32800
|
By Sales
|
194000
| ||
To Purchases
|
109000
|
By Closing Stock
|
22600
| ||
Less: Purchase of furniture wrongly included
|
10000
|
99000
| |||
To Carriage Inwards
|
3700
| ||||
To Wages and Salaries
|
28600
| ||||
To Gross Profit C/d
|
52500
| ||||
216600
|
216600
|
Profit & Loss Account for the year ended 31 st March, 2011
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Insurance
|
3700
|
By Gross Profit b/d
|
52500
| ||
To Rent, Rates and Taxes
|
14600
|
By Commission
|
5500
| ||
To Office Expenses
|
7300
| ||||
To R.B.D.D. A/c
| |||||
New Reserve
|
4400
| ||||
Less: Old Reserve
|
2000
|
2400
| |||
To Depreciation on Land and Building
|
30000
| ||||
Plant and Machinery
|
6000
|
By Partners’ Current A/c
[Net Loss]
| |||
Furniture
|
4000
|
40000
|
Jaya
|
4000
| |
Maya
|
6000
|
10000
| |||
68000
|
68000
|
Partners’ Current Accounts
Particulars
|
Jaya
|
Maya
|
Particulars
|
Jaya
|
Maya
|
To Drawings A/c
|
500
|
1500
|
By Balance b/d
|
3400
|
9100
|
To Profit & Loss A/c
|
4000
|
6000
|
By Balance b/d
|
1100
| |
To Balance c/d
|
1600
| ||||
4500
|
9100
|
4500
|
9100
|
Balance Sheet as on 31st March, 2013
Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
Partners’ Capital A/c
|
Land and Building
|
300000
| |||
Capital A/c
|
Less: Depreciation
|
30000
|
270000
| ||
Jaya
|
200000
|
Plant and Machinery
|
60000
| ||
Maya
|
250000
|
450000
|
Less: Depreciation
|
6000
|
54000
|
Sundry Creditors
|
45600
|
Furniture
|
15000
| ||
Maya’s Current A/c
|
1600
|
Add: New furniture Purchased
|
10000
| ||
Less: Depreciation
|
-4000
|
21000
| |||
Sundry Debtors
|
88000
| ||||
Less: R.D.D. @ 5%
|
-4400
|
83600
| |||
Closing Stock
|
22600
| ||||
Cash in Hand
|
4700
| ||||
Cash at Bank
|
40200
| ||||
Jaya’s Current A/c
|
1100
| ||||
497200
|
497200
|
